He said: "A lot of people in the game should hang their heads in shame. Rangers are owed a huge apology."
HM Revenue and Customs this week lost their appeal to the 'big tax case' verdict that ruled Rangers were not guilty of wrong-doing during Sir David Murray's time at the helm.
The spectre of the case cast a huge cloud over the club before a disastrous chain of events unfolded that led to Ally McCoist's side dropping down to the Third Division two years ago.
On Wednesday, the Union of Fans hit out at SFA chief Stewart Regan, Neil Doncaster of the SPFL, Stephen Thompson, Rod Petrie, Peter Lawwell and lawyer Rod McKenzie for their actions and comments during Rangers' troubles.
DJ told SportTimes: "They all came to the conclusion that Rangers were guilty before anything was proven.
"They all had their say and every one has been proven wrong.
"The most famous two words that were spouted was 'sporting integrity'. Well, where is the sporting integrity in what has happened to Rangers? The club and the fans have been proven right.
"I hope the club are recompensed for everything they have missed out on in the last two years."
Despite being cleared for the second time in the courts, the ruling is a bitter-sweet one for Rangers fans and the club as Ally McCoist's side look to complete their journey back to the top flight this term.
But Johnstone insists the actions of some should never be forgotten after Rangers and the Light Blue legions were vindicated once again.
He said: "A lot of people in the media jumped on the bandwagon as well. It was all built on ifs, buts and maybes, and too many people lined up to stick the boot into Rangers.
"It was absolute rubbish. I think there should be many, many apologies sent to Rangers in the next few days.
"It is good that it has all come out and Rangers have been vindicated. That is fantastic.
"But there are a lot of people who will have their heads buried in the sand and will be keeping a low profile in the next few weeks."